 THE  


Savannah,  AMERicusiMoNTGOMERY 
Railway. 


first  mortgage 
Thirty  Year  Gold  Bond. 


Xssiie  liin^itecl  to  $12,000  |)ei^  of 


Prepared  by  B.  P.  HoLLiS,  of  Americus,  Ga.,  and 
John  D.  Roquemorr,  of  Montgomery,  Ala. 


Tl^e  n^ercai^tile  Trust  ai^d  Deposit  (Joir^pai^y,  of 
BaltiD^ore,  Trustee. 


— -a.Lso — 


Suii^n^arv  and  Prospectus  of  tl^e  Savani^afe,  ^n^ericus 
arid  H^oi^tgon^ery  Railway, 


Recorder  Publishing  House,  Americus.  Ga. 


Digitized  by  the  Internet  Archive 
in  2015 


https://archive.org/details/firstmortgagethiOOsava 


 THE  

Savannah,  AMERicusiMoNTGOMERY 
Railway. 

first  mortgage 
Thirty  Year  Gold  Bond. 

Xss-qe  Uin\±[ed  to  $12,000  ^e±<  ls/[ile  of 


Prepared  by  B.  P.  HoLLiS,  of  Americus,  Ga.,  and 
John  D.  Roqukmore,  of  Montgomery,  Ala. 


TJ^e  n^ercai^tile  Trust  ai^d  Deposit  (Jouipai^y,  of 
Baltin^ore,  Trustee. 


Sun^uiarv  ar^d  Prospectus  of  tl^e  Savarii^ali,  ^n^ericus 
ai^d  n^oiitgon^ery  Railway, 


Recorder  Publisiiing  House,  Americas,  Ga. 


FORM  OF  MORTGAGE. 


This  indenture  made  this,  the  first  day  of  April,  in  the 
year  one  thousand  eight  hundred  and  eighty-nine,  between 
the  Savannah,  Americus  and  Montgomery  Railway,  a  cor- 
poration duly  chartered  and  organized  and  existing  under 
the  laws  of  the  States  of  Georgia  and  Alabama,  of  the  first 
part,  and  the  Mercantile  Trust  and  Deposit  Company  of 
Baltimore,  a  corporation  duly  chartered,  organized  and 
existing  under  the  laws  of  the  State  of  Maryland,  of  the 
second  part,  witnesseth : 

That  whereas,  the  party  of  the  first  part,  before  its  cor- 
porate name  was  changed  from  ^'The  Americus,  Preston 
and  Lumpkin  Railroad  Company"  to  "The  Savannah 
Americus  and  Montgomery  Railway,"  had  executed  certain 
mortgages  as  follows,  to-wit : 

1.  A  mortgage  executed  February  16th,  1885,  to  Moses 
Speer,  John  W.  Wheatley  and  H.  C.  Bagley,  Trustees,  to 
secure  two  hundred  bonds,  aggregating  the  sum  of  one 
hundred  thousand  dollars.  ' 

2.  Another  mortgage  executed  August  25th,  1886,  to 
Moses  Speer,  J ohn  W.  Wheatley  and  H.  C.  Bagley,  Trus- 
tees, to  secure  one  thousand  bonds,  aggregating  the  sum 
of  five  hundred  thousand  dollars ;  the  total  amount  of 
bonds  issued  under  both  of  said  mortgages  being  six  hun- 
dred thousand  dollars  ;  all  of  which  bonds  were  issued  by 
the  party  of  the  first  part,  under  its  former  corporate  name 
"The  Americus,  Preston  and  Lumpkin  Railroad  Company," 
and  each  of  said  mortgages  covering  certain  portions  of 
the  railroad  and  franchises  of  the  party  of  the  first  part. 
And  whereas,  the  President  and  Board  of  Directors  of  said 
party  of  the  first  part,  at  a  meeting  held  at  its  office  in 
Americus,  Georgia,  on  the  29th  day  of  March  18.S9,  adopted 


THE  FL0WEH3  CULLEGIlON 


3 

by  a  majority  of  the  votes  of  said  President  and  Directors, 
and  with  the  unanimous  concurrence  of  all  who  were  pres 
ent  at  said  meeting',  certain  resolutions  in  the  following- 
words,  to-wit : 

Whereas,  In  order  to  construct  and  equip  the  proposed 
extensions  to  the  line  of  this  railway ;  in  order  to  pay  the 
floating  debt  incurred  in  changing  the  gauge  of  the  road, 
and  providing  equipment  therefor,  and  in  order  to  retire 
outstanding  bonds,  and  as  far  as  possible  to  consolidate 
the  indebtedness  of  the  Company,  it  is  desirable  to  issue 
a  series  of  first  mortgage  bonds,  as  hereinafter  set  forth : 

^esoli^'ed  first.  That  the  Savannah,  Americus  and 
Montgomery  Railway  execute  a  first  mortgage  upon  its 
franchises  and  entire  property  to  the  Mercantile  Trust  and 
Deposit  Company  of  Baltimore,  and  issue  thereunder 
bonds  to  the  amount  of  Four  Million  One  Hundred  Thous- 
and Dollars,  being  at  the  rate  of  twelve  thousand  dollars 
per  mile  of  road  now  completed  and  hereafter  to  be  con- 
structed, which  bonds  shall  be  of  the  denomination  of  one 
thousand  dollars  each,  payable  in  lawful  gold  coin  of  the 
United  States  of  America,  of  the  present  standard  of  weight 
and  fineness.  They  shall  bear  date  on  the  first  day  of 
April,  one  thousand  eight  hundred  and  eighty  nine,  and 
shall  bear  interest  from  the  first  day  of  July,  one  thousand 
eight  hundred  and  eighty-nine,  at  the  rate  of  six  per  cent. 
IDer  annum,  payable  semi-annually,  at  the  agency  of  this 
Company  in  the  city  of  Baltimore  on  the  first  days  of  Jan- 
uary and  July  in  each  and  every  year,  as  evidenced  by  the 
interest  coupons  thereto  attached,  and  the  said  bonds  shall 
become  due  and  payable  on  the  first  day  of  July  1919. 

^csolveed  secondly,  That  the  property  to  be  conveyed 
by  said  mortgage,  shall  be  all  and  singular  the  railroad 
now  constructed  and  in  operation  between  the  town  of  Ab- 
beville, in  the  county  of  Wilcox,  in  the  State  of  Georgia, 
and  the  town  of  Louvale,  in  the  county  of  Stewart,  in  the 
State  of  Georgia,  and  the  railroad  to  be  constructed  from 
or  near  Louvale  to  the  city  ot  Montgomery,  in  the  State  of 
Alabama,  and  also  the  railroad  to  be  constructed  eastward 
from  the  town  of  Abbeville  to  the  city  of  Savannah,  in  the 


state  of  Georgia  ;  together  with  all  corporate  rights  and 
franchises  of  said  Railway,  already  granted  or  to  be  grant- 
ed by  the  States  of  Georgia  and  Alabama,  and  all  equip- 
ment, tolls  and  income  thereof,  and  all  its  real  and  per- 
sonal property,  wherever  situated,  now  owned  or  hereafter 
to  be  acquired  by  it,  and  such  mortgage  shall  be  in  trust 
for  the  benefit  and  security  of  the  holders  of  such  bonds, 
to  the  extent  aforesaid,  withouc  preference,  priority  or  dis- 
tinction as  to  lien  or  otherwise,  so  that  each  bond  to  be  is- 
sued shall  have  the  same  right,  lien  and  privilege  and  se- 
curity thereunder,  as  though  they  had  been  all  executed 
and  delivered  simultaneously  with  the  execution  and  deliv- 
ery of  said  mortgage. 

Resolved  thirdly.  That  the  President  and  Secretary 
of  this  Company  be  and  they  are  hereby  authorized  and 
empowered  for  and  on  behalf  of  this  Company  to  affix  its 
corporate  seal  to  each  of  said  bonds,  and  to  sign  the  same 
as  such  President  and  Secretary,  and,  when  so  executed,  to 
deliver  the  same  to  said  Trustee.  In  the  execution  of  the 
coupons  attached  thereto,  the  signature  of  the  Treasurer 
of  the  Company,  engraved  thereon,  shall  be  regarded  and 
treated  as  in  all  respects,  in  fact  and  law,  equivalent  to  a 
manual  signing  thereof.  That  the  bonds  to  be  issued  and 
the  coupons  to  be  thereto  attached  shall  be  substantially 
in  the  form  following,  to-wit ; 

NO   ■  '  $1,000. 

UNITED  STATES  OF  AMERICA. 
States  of  Georgia  and  Alabama. 
The  Savannah,  Americus  and  Montgomery  Railway  First 
Mortgage  Bond. 
Issue  limited  to  $12,000  per  mile  of  completed  road. 

Know  all  Men  by  These  Presents,  That  the  Savan- 
nah, Americus  and  Montgomery  Railway,  a  corporation 
duly  incorporated  by  the  laws  of  Georgia  and  Alabama, 
acknowledges  itself  indebted  to  the  Mercantile  Trust  and 
Deposit  Company  of  Baltimore,  Trustee,  or  bearer,  in  the 
sum  of  One  Thousand  Dollars,  which  sum  it  promises  to 
pay  to  the  bearer  at  the  Agency  of  said  Railway  in  the  city 


of  Baltimore  in  lawful  gold  coin  of  the  United  States,  of 
the  present  standard  of  w  ight  and  fineness,  on  the  first  day 
of  July,  one  thousand  nine  hundred  and  nineteen,  Avith  in- 
terest thereon  at  the  rate  of  six  per  cent,  per  annum,  paya- 
ble in  like  coin  semi-annually,  at  the  agency  of  s^d  Eail- 
way  in  the  city  of  Baltimore,  on  the  first  days  of  Ja^nuary 
and  July  in  each  year,  upon  the  surrender  of  the  annexed 
coupons  therefor,  and  until  the  principal  sum  shall  be  fully 
paid  ;  said  principal  and  interest  to  be  payable  without  de- 
duction for  National,  State  o>  Municipal  taxes. 

This  bond  is  one  of  a  series  of  bonds  numbered  con- 
secutively from  1  to  4100  inclusive,  of  like  date,  tenor  and 
amount,  which  are  equally  secured  by  and  subject  to  alj 
the  provisions  of  a  Mortgage  or  Trust  Deed  bearing  date 
the  first  day  of  April  1889,  executed  by  said  Bailway  to  the 
Mercantile  Trust  and  Deposit  Company  of  Baltimore  on 
all  the  railroad,  franchises  and  projoerty  now  owned  or 
hereafter  to  be  acquired  by  said  Railway,  to  which  Mort- 
gage or  Trust  Deed  reference  is  made  for  the  provisions 
thereof,  and  the  full  conditions  hereof. 

This  bond  may  be  registered  in  the  owner's  name  on 
the  books  of  the  agency  of  said  Railway  in  the  city  of  Bal- 
timore, or  at  any  other  place  said  Railway  may  determine, 
such  registry  being  noted  on  the  bond  by  its  transfer 
agent,  after  which  no  transfer  shall  be  valid,  unless  made 
on  the  said  books  by  the  registered  owner  thereof.  The 
coupons  hereto  annexed  shall  be  negotiable  by  delivery, 
notwithstanding  this  bond  may  be  registered  as  aforesaid. 
This  bond  shall  not  become  obligatory  until  the  certificate 
endorsed  hereon  is  duly  signed  oy  the  Trustee. 

In  witness  wheieof,  the  said.  The  Savannah,  Americus 
and  Montgomery  Railway  has  caused  its  corporate  seal  to 
be  hereunto  affixed,  and  these  presents  to  be  signed  by  its 
President  and  attested  by  its  Secretary,  this  first  day  of 
April,  one  thousand  eight  hundrod  and  eighty  nine. 

The  Savannah,  Ameeicus  and  Montgomery  Railway. 
[Seal.]  Per 

 President. 

Test 

 Secretary. 


COUPON. 

On  the  first  day  of  18 ... .    The  Sa  - 

vannah,  Americus  and  Montgomery  Railway  will  pay  to 
the  bearer  hereof  $30.00  at  its  agency  in  the  city  of  Balti- 
more, biing"  six  months  interest  on  its  first  mortgage  bond 

No  

 Treasurer. 

TRUSTEE'S  CERTIFICATE. 

The  Mercantile  Trust  and  Deposit  Comjpany,  of  Balti- 
more hereby  certifies  that  this  bond  is  one  of  a  series  of 
bonds  described  in  the  within  mentioned  Mortgage  or  Deed 
of  Trust. 

Mercantile  Trust  &  Deposit  Co.  of  Baltimore,  Trustee. 

By   President. 

And  whereas.  At  said  meeting  of  the  Board  of  Direc- 
tors the  form  of  mortgage  having  been  then  and  there  sub- 
mitted and  entered  upon  the  minutes,  it  was 

Resolved,  That  the  form  of  mortgage  submitted  by  the 
President  is  hereby  approved,  and  that  such  mortgage  be 
made  and  executed  by  this  Railway  under  it-;  corporate 
name,  subscribed  by  its  President,  and  with  its  corporate 
seal  thereto  affixed,  attested  by  its  Secretary,  and,  when  so 
executed,  that  it  be  duly  acknowledged,  so  as  to  entitle  it 
to  be  recorded  in  pursuance  of  the  laws  of  the  States  of 
Georgia  and  Alabama,  and  when  so  acknowledged,  that  it 
be  delivered  to  the  said  Trustee  and  duly  recorded. 

And  wdiereas,  At  a  meeting  of  the  stockholders  of  the 
said  party  of  the  first  part,  neld  at  the  general  office  of  said 
Company  in  Americus,  Ga.,  on  the  29th  day  of  March,  one 
thousand  eight  hundred  and  eighty-nine,  duly  cal  ed  pur- 
suant to  notice  under  the  laws  of  the  States  of  Georgia  and 
Alabama,  at  which  the  holders  and  owners  of  a  majority  of 
the  capital  stock  of  said  party  of  the  first  part  were  present, 
either  in  person  or  by  proxy,  all  the  above  recited  resolu- 
tions of  the  said  President  and  Directors,  and  the  form  of 
this  present  mortgage  were  submitted  and  spread  upon  the 
minutes  of  the  said  meeting,  and  it  was,  by  the  holders  of 
a  majority  of  the  entire  capital  stock  of  the  said  Railway 


Kesolved,  That  the  resokitions  of  the  President  and 
Directors,  and  the  form  of  the  mortgage  therein  proposed 
and  submitted  to  us  be  and  the  same  are  hereby  approved 
and  the  same  are  ordered  to  be  spread  upon  the  minutes 
of  this  meeting  ;  and  the  said  President  and  Dii^ctors  be 
and  they  are  hereby  given  special  power  and  authority  to 
carry  into  effect  the  objects  and  purposes  expressed  in  said 
resolutions,  and  to  make,  execute  and  deliver  the  said 
mortgage  in  the  form  proposed  and  for  the  uses  and  pur- 
poses therein  mentioned  : 

Now  This  Indenture  Witnesseth,  that  said  party  of  the 
first  part,  for  the  purpose  of  securing  the  payment  of  the 
principal  and  interest  of  the  bonds  hereinbefore  described, 
when  and  as  the  same  shall  become  due  and  payable,  ac- 
cording to  the  tenor  and  effect  thereof,  and  in  considera- 
tion of  the  premises  and  the  sum  of  one  dollar  to  it  in  hand 
paid  by  the  said  party  of  the  second  part  at  the  timt  of  the 
execution  and  delivery  of  these  presents,  the  receipts  where- 
of is  hereby  acknowledged,  has  granted,  bargained,  sold, 
assigned,  set  over,  released,  conveyed  and  confirmed  and 
by  these  presents,  doth  grant,  bargain,  sell,  assign,  set 
over,  release,  convey  and  confirm  unto  the  said  party  of 
the  second  part,  and  to  its  successor  or  successors  in  the 
trust  hereby  created,  to  its  or  their  assigns,  all  and  singular 
the  entire  line  of  railroad  of  the  party  of  the  first  part,  sit- 
uate, lying  and  being  iu  the  States  of  Georgia  and  Ala- 
bama, as  the  same  is  or  may  be  hereafter  located  and  con- 
structed, and  more  particularly  described  as  follows,  that 
is  to  say  : 

All  that  certain  railroad  now  constructed  and  extend- 
ing from  the  town  of  Abbeville,  in  the  county  of  Wilcox 
and  State  of  Georgia,  through  the  counties  of  Wilcox, 
Dooly,  Sumter,  Webster  and  See  wart,  in  the  State  of  Geor- 
gia, to  the  town  of  Louvale,  in  the  county  of  Stewart,  and 
State  of  Georgia,  being  a  distance  of  one  hundred  and  ten 
miles.  Also  the  railroad  to  be  constructed  by  the  most 
practicable  route  from  the  town  of  Abbeville,  in  the  county 
of  Wilcox,  State  of  Georgia,  eastward  to  the  city  of  Savan- 
nah, in  the  county  of  Chatham,  State  of  Georgia.  Also 


the  railroad  to  be  constructed  from  or  near  the  town  of 
Louvale,  in  the  county  of  Stewart,  State  of  Georgia,  to  the 
city  of  Montgomery,  in  the  State  of  Alabama  ;  together 
with  all  appurtenances  and  equipments,  rights,  privileges 
and  franchises  unto  the  said  railroad  between  the  said  city 
of  Savannah,  in  the  State  of  Georgia,  . and  the  said  city  of 
Montoomery,  in  the  said  State  of  Alabama,  belonging  or 
or  in  anywise  appertaining,  and  the  incomes,  tolls,  rents, 
issues  and  profits  thereof,  including  the  road- way,  right-of- 
way  and  tracks,  rails  and  ties,  and  road-bed,  side  tracks, 
turnouts,  switches,  bridges,  trestling,  viaducts,  culverts, 
stations,  depots,  warehouses,  water  tanks,  machine  shops, 
tools,  locomotives,  cars  and  equipment  of  all  kinds  what- 
soever, fences,  offices,  depot  grounds,  engine  houses  and 
all  otner  buildings  and  structures,  sand  and  gravel  pits 
and  deposits  of  material  and  all  things  or  property  of  any 
kind,  nature  or  description  whatsoever,  real,  personal  or 
mixed,  belonging  to  or  used  or  designed  for  use  for  or  in 
connection  with  said  railroad  between  said  points,  includ- 
ing as  well  all  pro^:erty  and  things  whatsoever  of  any  such 
nature  or  description  as  above  mentiooed,  belonging  to  or 
appertaining  to  or  for  use  in  connection  with  said  railroad 
between  said  points  above  described,  which  shall  be  here- 
after acquired  by  the  said  party  of  the  first  part,  or  for  or 
in  connection  with  the  said  railroad  between  the  said 
points,  or  with  the  working,  use  or  operation  thereof,  as 
such  property  and  things  ai^e  now  pos^sessed  or  owned  by 
the  said  party  of  the  first  part  for  or  in  connection  with  the 
said  railroad  between  the  said  points,  or  the  working,  use 
or  operation  thereof ;  and  together  with  all  the  corporate 
rights  and  franchises  of  the  said  party  of  the  first  part  now 
owned  or  possessed,  or  that  may  be  hereafter  acquired, 
connecting  with  or  relating"  to  or  exercisable  in  the  said 
railroad  between  said  points,  or  the  working,  use  or  opera- 
tion thereof.  To  have  and  to  hold  the  same  to  said  party 
of  the  second  part  and  its  assigns  and  to  its  successors  in 
said  trust  and  their  assigns,  in  trust  for  the  ourposes  fol- 
lowing, viz  : 

Article  1.    For  the  equal  benefit  and  security  of  all 


9 


and  every,  the  persons  and  bodies  corporate  who  shall  be 
or  at  any  time  become  the  holders  of  the  said  bonds,  or  of 
such  of  them  as  shall  be  issued  by  the  party  of  the  first 
part,  without  preference,  priority  or  distinction  as  to  the 
lien  or  otherwise  of  any  of  the  said  bonds  over  thi^  others, 
by  reason  of  priority  in  the  time  of  issuing  the  same  and 
so  that  each  and  all  of  the  said  bonds  issued,  and  to  be  is- 
sued as  aforesaid,  shall  have  the  same  right  of  lien  and 
privilege  under  and  by  virtue  of  this  mortgage,  and  shall 
be  all  equally  secured  hereby,  with  like  right  and  effect,  as 
if  they  had  all  been  executed  and  delivered  simultaneously 
herewith  ;  it  being  the  intention  and  purpose  of  this  Mort- 
gage Deed  of  Trust  that  the  railroad  and  property  above 
described  of  the  party  of  the  first  part,  between  the  points 
aforesaid,  shall  be  pledged  to  secure  the  payment  of  the 
aforementioned  bonds  of  the  party  of  the  first  part  as  above 
set  forth,  and  the  interest  thereon  according  to  the  true 
tenor  and  effect  thereof. 

Article  2.  If  the  party  of  the  first  part  shall  punc- 
tually well  and  truly  pay  the  principal  of  the  aforesaid 
bonds,  and  the  interest  thereon  in  semi-annual  installments 
according  to  the  tenor  and  effect  of  said  bonds,  then  these 
presents  and  estates,  rights  and  interests  hereby  granted 
shall  cease,  determine  and  become  of  no  effect,  and  until  a 
default  shall  be  made  by  the  party  of  the  first  part  in  the 
due  and  punctual  payment  of  said  principal  sum  or  of  the 
interest  of  said  bonds,  the  said  party  of  the  first  part  shall 
be  Lntitled  to  remain  in  the  possession,  use  and  enjoyment 
of  its  said  railroad,  premises,  property,  rights  and  interests 
hereby  mortgaged  or  conveyed  in  trust. 

Article  3.  If  the  said  party  of  the  first  part,  its  suc- 
cessors or  assigns,  shall,  at  any  time  hereafter,  make  de- 
fault, or  refuse,  neglect  or  omit  for  any  period  exceeding 
ninety  days  to  pay  the  semi-annual  interest  on  the  bonds 
intended  to  be  hereby  secured,  or  any  of  them,  or  shall  de- 
fault or  refuse,  neglect  or  omit  for  any  period  after  the  ma 
turity  thereof  to  pay  the  principal  sum  of  each  or  all  of 
said  bonds,  or  shall  suffer  or  allow  any  lawful  taxes  or 
charges  to  fall  in  arrear  whereby  the  security  of  this  Mort- 


10 


gage  shall  be  impaired,  or  shall  refuse  or  fail  to  keep  or 
perform  any  of  the  covenants  or  stipulations  contained 
herein  or  in  the  bonds  secured  or  intended  to  be  secured 
hereby,  or  on  its  part  to  be  kept  or  performed,  then,  and 
in  either »of  such  events,  the  party  of  the  second  part,  upon 
the  written  request  of  the  holders  of  one-fourth  in  amount 
of  the  whole  of  the  bonds  secured  hereby,  and  then  out  - 
standing,  shall  demand,  and  with  such  force  as  may  be 
necessary,  enter  upon,  take  and  maintain  possession  of  all 
and  singular  the  said  railroad  and  all  the  estates,  premises, 
rights,  property  and  franchises  hereby  conveyed  or  granted 
or  agreed,  or  intended  so  to  be,  and  as  the  attorney  in  fact 
or  agent  of  the  Said  party  of  the  first  part,  by  their  agents 
and  substitutes,  duly  constituted,  or  by  their  managers, 
superintendents,  receivers  or  servants,  have,  hold,  use, 
operate  and  enjoy  the  same  and  each  and  every  piii-t  there- 
of to  as  full  an  extent  as  the  party  of  the  first  part  might 
lawfully  do,  and  shall  take  and  receive  the  incomes,  tolls 
and  profits  thereof,  and  shall  likewise  proceed  under  the 
order  or  decree  of  smy  court  of  equity,  or  other  competent 
court  having  jurisdiction  in  the  premises,  to  sell  and  dis- 
pose of  as  by  said  court  may  be  decreed  and  thereupon 
to  convey  to  the  purchaser  or  purchasers,  free  from  any 
right  or  claim  of  equity  or  redemption  of  the  said  party  of 
the  first  part,  its  successors  or  assigns,  all  and  singular  the 
premises,  property,  rights,  interests,  corporate  rights,  fran- 
chises and  privileges  of  the  said  party  of  the  first  part 
hereby  mortgaged  or  conveyed  in  trust  or  agreed  or  in- 
tended so  to  be,  and  from  the  net  proceeds  realized  by 
means  of  such  use  and  occupation,  and  from  such  sale,  or 
from  either  in  the  first  place  to  retain  and  pay  all  proper 
costs,  charges  and  disbursements  incurred  in  and  about 
the  premises,  including  the  reasonable  compensation  of  the 
Trustee,  and  then  apply  the  balance  of  such  net  proceeds 
to  or  towards  the  payment  or  discharge,  with  pro  rata 
equality,  of  the  principal  and  interest  at  such  time  owing 
and  unpaid  of  and  upon  the  said  bonds  hereby  secured, 
whether  the  same  be  then  due  or  to  become  due,  and  with- 
out preference  of  interest  over  principal  or  of  principal 


11 


over  interest,  rendering  or  paying  smy  surplus  which  may 
then  remain,  after  the  full  satisfaction  of  the  principal  of 
the  said  bonds  and  every  of  them,  and  the  interest  thereon, 
to  said  party  of  the  first  part,  its  successors  or  assigns,  and 
the  said  party  of  the  first  part  hereby  agrees,  that,  in  case 
of  any  default  on  its  part  as  aforesaid,  it  will  not  set  up, 
claim,  or  seek  to  take  advantage  of  any  valuation,  stay  of 
execution,  appraisement  or  extension  laws,  which  may  or 
might  prevent,  postpone,  hinder  or  delay  the  exercise  of 
the  right  of  the  party  of  the  second  part  to  enter  upon, 
operate  or  sell  the  mortgaged  premises,  or  any  part  there- 
of, or  the  immediate  enforcement  or  foreclosure  of  this 
mortgage,  or  the  absolute  sale  of  its  mortgaged  property 
or  rights  thereunder,  without  and  free  from  appraisement, 
valuation,  stay  or  other  condition  or  hindrance,  but  will, 
and  does  hereby  waive  the  benefit  of  any  and  all  such  val- 
uation, stay,  appraisement  or  other  laws  to  such  effect  as 
aforesaid. 

Article  4.  If  the  party  of  the  first  part,  its  successors 
or  assigns,  shall  at  any  time  hereafter  make  default  or  re- 
fuse, neglect  or  omit  for  any  period  exceeding  ninety  days 
to  pay  the  semi-annual  interest  on  the  bonds  intended  to 
to  be  secured  or  any  of  them,  then  the  holders  of  one- 
fourth  in  amount  of  said  bonds,  then  outstanding,  may 
elect  to  declare  the  whole  principal  sum  thereof  to  be  due 
and  payable,  and  may,  by  an  instrument  in  writing  under 
their  hands  and  seals,  instruct  said  Trustee  to  declare  said 
principal  sum  to  be  due  and  payable  ;  whereupon  the  whole 
principal  sum  of  each  and  all  of  said  bonds,  then  outstand- 
ing, shall  forthwith  be  due  and  payable,  notwithstanding 
that  the  time  limited  therein  for  the  payment  thereof  may 
not  then  have  elapsed,  and  in  the  event  of  any  sale  of  the 
said  railroad,  and  the  estates,  real  and  personal,  hereby 
mortgaged  or  agreed  or  intended  so  to  be,  as  hereinbefore 
mentioned,  then,  and  in  such  case,  the  whole  principal  sum 
of  each  and  all  of  the  said  bonds  then  outstanding,  and  in- 
tended to  be  secured  hereby,  shall  forthwith  be  due  and 
loayable,  notwithstanding  that  the  time  limited  therein  for 
the  payment  thereof  may  not  then  have  expired  ;  and  in  no 


V2 


other  case,  and  for  no  other  purpose,  except  as  in  this  ar- 
ticle provided,  shall  the  principal  sum  of  any  of  said  bonds 
become  due  and  payable  before  the  date  fixed  in  such 
bonds  for  the  payment  thereof. 

Article  5.  And  the  party  of  the  first  part  doth  here- 
by covenant  with  the  party  of  the  second  part,  and  its  suc- 
cessors, for  and  on  behalf  of  the  bonds  holders  entitled  to 
the  benefit  of  the  security  hereby  provided  or  intended  so 
to  be,  that  the  said  party  of  the  first  part  shall  and  will  at 
any  time,  and  at  all  times  hereafter,  upon  reasonable  re 
quest,  make,  do  and  execute  all  such  other  and  further 
reasonable  assurance,  act,  deeds  and  thing's  as,  in  the  opin- 
ion of  competent  counsel,  may  be  necessary  or  proper  to 
effectuate  the  lien  and  security  hereby  intended  to  be 
created  for  the  benefit  of  such  bond  holders,  and  especially 
to  render  subject  to  the  lien  of  this  mortgage  any  and  all 
after  acquired  property  of  such  description  as  is  hereinbe- 
fore declared  to  be  intended  to  be  embraced  in  the  security 
hereby  afforded  or  intended  to  be  afforded. 

Article  6.  And  it  is  hereby  further  declared  and 
agreed  that  it  shall  and  may  be  lawful  for  the  said  party  of 
the  first  part,  its  successors  and  assigns,  by  and  with  the 
consent  and  approval,  in  writing,  of  the  said  Trustee  for 
the  time  being,  at  any  time  or  times  hereafter,  to  exchange 
for  other  property  or  to  sell,  lease  or  otherwise  dispose  of 
any  oart  of  the  hereby  mortgaged  estates  and  premises  of 
the  said  party  of  the  fiist  pait,  free  and  clear  from  the  lien 
or  encumbrance  of  these  presents,  and  to  grant  and  con- 
vey the  same  without  liability  on  the  part  of  the  purchaser 
or  the  grantee  or  lessee  for  the  disposition  made  of  the 
price  or  rental  paid,  or  property  received  in  exchange  ; 
provided,  however,  that  the  proceeds  of  any  sale  so  made 
shall,  at  the  option  of  the  said  oarty  of  the  fi.rst  part,  be 
invested  by  it,  either  in  the  improvement  of  any  remaining 
part  of  its  mortgages  premises,  or  in  the  purchase  by  the 
party  of  the  first  part  of  other  property,  real  or  personal, 
which  property  so  purchased,  as  well  as  any  that  may  be 
acquired  in  exchange  as  aforesaid  by  the  first  party,  shall 
be  subject  to  all  the  trusts  hereby  declared,  including  the 


13 


power  to  sell,  lease  or  exchange  or  otherwise  dispose  of, 
herein  reserved  in  regard  to  the  property  in  this  Indenture 
described,  and,  if  it  shall  be  so  required  by  the  Trustee  for 
the  time  being,  snail  be  conveyed  in  mortgage  by  the  party 
of  the  first  part,  to  the  said  Trustee  to  be  so  held. 

Article  7.  And  it  is  hereby  further  granted,  provided, 
declared  and  agreed,  in  case  of  a  vacancy  in  any  way  occur- 
ring in  such  Trusteeship,  such  vacancy  shall  be  filled  by 
the  appointment  of  a  new  Trustee  or  Trustees  by  any  court 
in  the  States  of  Georgia  or  Alabama,  either  State  or  United 
States,  having  jurisdiction  in  the  premises,  which  appoint- 
ment may  be  made,  either  upon  the  application  of  the  said. 
The  Savannah,  Americus  and  Montgomery  Eailway,  giving 
such  previous  notice  by  publication  as  the  court  may  direct 
or  on  application  of  any  of  the  ho  ders  of  said  bonds  hereby 
secured,  giving  such  previous  notice  to  the  said  party  of 
the  first  part  as  the  court  may  direct,  in  case  said  Company 
shall  neglect  for  sixty  days  to  make  application  to  fill  the 
vacancy  as  aforesaid,  and  each  new  Trustee  thus  from  time 
to  time  appointed  to  fill  such  vacancy  shall,  upon  sach  ap- 
pointment, without  further  act,  deed  or  conveyance,  become 
and  be  vested  fully  with  and  subject  to  the  estates,  rights, 
powers  and  duties  of  the  former  Trustee,  in  whose  place  he 
shall  be  appointed,  but  nevertheless,  the  retiring  Trustee  or 
representatives  of  the  estate  of  the  Trustee  shall,  if  required, 
make,  do  and  execute  any  acts,  deeds  or  things  which  shall 
be  requisite  or  proper  fully  to  convey  and  confirm  to  any 
such  substituted  Trustee  such  estates,  rights  and  powers 
formerly  vested  in  che  Trustee  whom  he  shall  succeed. 

Article  8.  And  it  is  hereby  further  convenanted  and 
agreed,  and  the  trusts  created  by  this  instrument  are  accep- 
ted upon  the  express  condition,  that  the  Trustee  shall  not  in 
cur  any  liability  or  responsibility  whatever  in  consequence  of 
permitting  or  suffering  the  party  of  the  first  part  to  retain 
or  be  in  possession  of  the  railroad,  estates  and  premises 
hereby  mortgaged  or  agreed  or  intended  so  to  be  ;  nor 
shall  the  said  Trustee  be  or  become  responsibe  or  liable  for 
any  destruction,  deterioration,  loss,  injury  or  damage  which 
may  be  done  or  occur  to  the  railroad  and  estates  hereby 
mortgaged  or  agreed  or  intended  so  to  be. 


14 


Article  9.  It  is  further  convenanted  and  agreed  that 
the  entire  series  of  bonds  to  be  issued  hereunder,  numbered 
from  1  to  4100  inclusive,  and  aggregating  four  milHon  one 
hundred  thousand  dollars,  shall  be  executed  by  the  party 
of  the  first  part  and  delivered  to  the  party  of  the  second 
part,  and  the  party  of  the  second  part,  or  its  successors  in 
the  trust,  shall  only  certify  and  redeliver  said  bonds  to  the 
President  of  the  party  of  the  first  part  as  follows,  to- wit : 
After  the  bonds  have  been  so  executed  and  delivered  to  the 
party  of  the  second  part,  and  the  Chief  Engineer  of  the 
party  of  the  firs:  part  shall  furnish  to  the  party  of  the  sec- 
ond part  his  certificate,  showing  how  many  miles  of  the 
railroad  of  the  party  of  the  first  part  isc  ompleted  in  good 
condition  and  successful  operation,  then  the  party  of  the 
second  part  shall,  beginning  with  bond  No.  1,  certify  as 
many  bonds  as  will  make  twelve  thousand  dollars  per  mile 
of  such  completed  railroad.  And  of  the  bonds  to  be  certi- 
fied under  fclia  firsb  certificate  to  be  furnished  by  the  Cliief 
Engineer  of  the  party  of  the  first  part,  the  party  of  the  sec- 
ond part  shall  retain  in  its  hands  bonds  numbered  from  1 
to  60  J  inclusive,  and  shall  hold  the  same  for  the  purpose  of 
retiring  by  exchange  or  otherwise  the  bonds  issued  by  the 
party  of  the  first  part  under  its  former  corporate  name  of 
"The  Americus,  Preston  and  Lumpkin  Railroad  Company," 
and  issued  under  two  certain  mortgages  to  Moses  Speer, 
John  W.  Wheatley  and  H.  C.  iiagley.  Trustees,  dated  re- 
spectively, February  16th,  1885  and  August  25th,  1886.  And 
the  party  of  the  second  part  is  fully  authorized  at  any  time 
to  exchange  any  of  said  bonds  numbered  from  1  to  600 
inclusive  at  par  for  a  like  amount  of  bou'^s  issued  as  afore- 
said under  either  of  the  two  mortgages  aforesaid.  After 
reserving  and  retaining  bonds  numbered  from  1  to  600  in- 
clusive as  aforesaid,  for  the  purpose  aforesaid,  the  party  of 
the  second  part  shall  certify  and  deliver  to  the  President 
of  the  party  of  the  firstjpart  bonds  to  the  amount  of  twelve 
thousand  dollars  per  mile  of  completed  railroad  as  shown 
the  certificate  of  the  Chief  Engineer  of  the  party  of  the 
first  part  as  hereinbefore  provided.  And  whenever  at 
any  time  the  Chief  Engineer  of  the  party  of  the  first 


15 


part  shall  furnish  to  the  party  of  the  second  part  a  like 
certificate  that  any  '  number  of  additional  miles  of  rail- 
road of  the  party  of  the  first  part  (not  less  than  ten  miles) 
has,  since  his  last  certificate,  been  completed,  is  in  good 
condition  and  in  successful  operation,  the  party  of  the 
second  part  shall  certify  and  deliver  to  the  .President 
of  the  part}^  of  the  first  part  bonds  to  the  amount  of  twelve 
thousand  dollars  per  mile  additional  railroad  so  from  time 
to  time  certified  to  be  completed  by  the  said  Chief  Engi- 
neer. And  such  Engineer's  statements  and  certificates  as 
aforesaid  shall  be  full  and  sufficient  authority  to  the  party 
of  the  second  part  for  certifying  and  delivering  the  said 
bonds,  and  no  liability  therefor  shall  in  any  event  attach 
to  said  party  of  the  second  part.  A^d  the  party  of  the 
second  part  is  hereby  authorized  and  empowered  to  cancel, 
mark  paid  and  satisfied  all  bonds  received  by  it  in  ex- 
change under  tht  provisions  of  this  Article,  and  shall,  after 
such  bonds  have  been  duly  canceled,  return  them  to  the 
President  of  the  party  of  the  first  part. 

Article  10.  In  the  execution  of  the  coupons  secured 
by  these  presents,  the  signature  of  the  Treasurer  engraved 
thereon  shall  be  regarded  and  treated  as  in  all  respects,  in 
fact  and  in  law,  equivalent  to  a  manual  signing  of  the  said 
coupons. 

Article  11.  If  the  party  of  the  first  part  shall  well  and 
truly  pay  the  sum  of  money  as  provided  by  the  said  bonds 
secured  hereby  and  coupons  thereto  attached,  required  to 
be  paid  by  it  and  shall  well  and  truly  keep  and  perform  all 
the  covenants,  agreements  and  undertakings  herein  and 
hereby  assumed  and  required  to  be  kept  and  performed 
according  to  the  true  intent  and  meaning  of  these  presents, 
then  and  in  that  case,  the  estate,  right,  title  and  interest  of 
the  said  party  of  the  second  part,  Trustee,  or  its  successors, 
shall  cease,  determine  and  become  void. 

And  this  Indenture  witnesses  that  Samuel  H.  Hawk- 
ins, President  of  The  Savannah,  Americus  and  Montgomery 
Eailway  is  hereby  appointed  the  attorney  of  the  said.  The 
Savannah,  Americus  and  Montgomery  Kail  way  to  acknowl- 
edge these  presents  as  its  act  and  deed,  before  such  officers 


16 


in  the  States  of  Georgia  and  Alabama  as  will  antliorize  it 
to  be  admitted  to  record  in  both  of  said  States. 

In  Witness  Whereof,  the  said  party  of  the  first  part 
has  caused  its  corporate  name  to  be  hereunto  subscribed 
by  its  President,  and  its  corporate  seal  to  be  hereunto 
affixed,  and  attested  by  its  Secretary,  and  the  said  party  of 
the  second  part,  in  token  of  its  acceptance  of  the  trusts 
herein  created  and  conferred,  has  caused  its  cori^orate 
name  to  be  hereunto  subscribed,  by  its  President,  and  its 
corporate  seal  to  be  hereunto  affixed,  and  attested  by  its 
Secretary  on  the  day  and  year  fir-t  above  written. 
The  Savannah,  Americus  and  Montgomery  Eailway, 

By         S.  H.  Hawkins,  President. 
Signed,  sealed  and  acknowledg-ed  in  our  presence, 
T.  F.  Gate  WOOD, 
Seal         T.  N.  Hawkes, 
Notary  Public  Sumter  County,  Ga. 

(Corporate  Seal)    Attest :       S,  C.  Cooper,  Secretary. 
Mercantile  Trust  and  Deposit  Co.,  of  Baltimore  : 

By        W.  W".  Spence,  Acting-  President. 
Signed,  sealed  and  acknowledged  in  our  presence, 
C.  K.  Spence, 
Seal         Murray  Hanson, 
A  Commissioner  of  Deeds  for  the  State  of  Georgia,  Resid- 
ing- in  Baltimore  City,  Maryland. 
(Corporate  Seal)    Attest :     L.  C.  Fischer,  Secretary. 
State  of  Maryland,  City  of  Baltimore,  ss. 

I,  Murraj^  Hanson,  a  Commissioner  of  Deeds  of  the 
State  of  Alabama,  residing  in  said  City  and  State,  duly 
commissioned  and  qualified,  hereby  certify  that  W.  W. 
Spence,  Acting  President  of  the  Mercantile  Trust  and  De- 
posit Company,  of  Baltimore,  whose  name  is  signed  to  the 
foregomg  instrument,  and  who  is  known  to  me,  acknowl- 
edged before  me  on  this  day,  that  being  informed  of  the 
contents  of  said  instrument,  he  executed  the  same  volun- 
tarily on  the  day  the  same  bears  date. 

Given  under  my  hand  and  official  seal,  this  6th  day  of 
April,  A.  D.  1889. 

(Seal)  Murray  Hanson, 

A  Commissioner  for  the  State  of  Alabama,  in  Baltimore 
City,  Maryland. 


17 


State  of  Georgia,  Sumter  County: 

I,  T.  N.  Hawkes,  a  Notary  Public  in  and  for  said 
county  hereby  certify,  that  S.  H.  Hawkins,  President,  and 
S.  C.  Cooper,  Secretary,  whose  names  are  signed  to  the 
foreg-oing  conveyance  or  Deed  of  Trust,  and  who  are 
known  to  me,  acknowledged  before  me  on  this  day,  that 
being  informed  of  the  contents  of  the  conveyance  or  Deed 
of  Trust,  they  executed  the  same  voluntarily  on  the  day 
the  same  bears  date,  in  the  name  of  and  for  The  Savannah, 
Americus  and  Montgomery  Eailway,  a  corporation  char- 
tered under  and  by  the  laws  of  the  States  of  Georgia  and 
Alabama,  being  authorized  and  directed  so  to  do  by  said 
Company. 

Given  under  my  hand  and  seal,  this  the  7th  day  of 
May,  1889. 

(Seal)  T.  N.  Hawkes, 

Notary  Public  Sumter  County,  Georgia. 
State  of  Georgia,  Sumter  County,  ) 
Clerk's  Office  Superior  Court.  C 

Recorded  in  Book  "H"  Record  of  Mortgages,  pages 
180  to  189  inclusive,  this  10th  and  1 1th  days  of  April,  A.  D. 
1889.  J.  H.  Allen,  Clerk  S.  C. 

State  of  Georgia,  County  of  Stewart,  ss. 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Ofl&ce  of  the  Superior  Court  of  Stewart  county  on  the  12th 
day  of  April,  1889,  and  recorded  in  Book  "H.  H."  Record 
of  Deeds  and  Mortgages,  pages  503  to  515  inclusive,  this 
the  13th  day  of  April,  1889.  B.  F.  Hawes,  Clerk. 

State  of  Georgia,  County  of  Webster,  ss. 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Webster  county  on  the  thir- 
teenth day  of  April,  1889,  and  recorded  in  Book  "F"  Record 
of  Mortgages,  pages  354  to  365  inclusive,  this  the  13th  day 
of  April,  1889.  Geo.  E.  Thornton,  Clerk. 

State  of  Georgia,  County  of  Dooly,  ss. 

This  Mortgage  Deed  received  for  Record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Dooly  county  on  the  15th 
day  of  April,  1889,  and  recorded  in  book  "E"  Record  of 
Mortgages  on  pasres  573  to  583  inclusive,  this  the  15th  day 
of  April,  1889.     "  Z.  T.  Penny, 

Clerk  S.  C.  Dooly  Co.,  Ga. 


18 


State  of  Geoegia,  County  of  Wilcox,  ss. 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Wilcox  county  on  the  16th 
day  of  April,  1889,  and  recorded  in  Book  "E"  Eecord  of 
Mortgages,  pages  1  to  11  inclusive,  this  the  16th  day  of 
April,  1889.  Jas.  M.  Mixon,  Clerk  S.  C.  W.  C. 

State  of  Geoegia,  County  of  Dodge,  ss. 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Dodge  County  on  the  18th 
day  of  April,  1889,  and  recorded  in  Book  "B"  Eecord  of 
Mortgages,  pages  664  to  675,  inclusive,  this  the  18th  day  of 
April,  1889.  J.  C.  Rawlins,  Clerk  S.  C.  D.  C. 

State  of  Geoegia,  County  of  Telfair,  ss. 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Telfair  county  on  the  19th 
day  of  April,  LS89,  and  recorded  in  Book  "Y"  Record  of 
Deeds  and  Mortgages,  pages  259  to  274  inclusive,  this  the 
19th  day  of  April,  1889.  A.  L.  Eyals, 

Clerk  Superior  Court. 
State  of  Geoegia,  County  of  Montgomery,  ss. 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Montgomery  county  on  the 
20th  day  of  April,  1889,  and  recorded  in'Book  "B"  Record  of 
Mortgages,  pages  348  to  859  inclusive,  this  the  20th  dcty  of 
April,  1889.  .  S.  B.  Moeeis, 

Clerk  Superior  Court,  M.  County,  Ga. 
State  of  Geoegia,  Tatnall  County,  ss? 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Tattnall  county  on  the  22d 
day  of  April,  1889,  and  recorded  in  Book  "M"  Record  of 
Deeds  and  Mortgages,  pages  321  to  330  inclusive,  this  the 
22nd  day  of  April,  1889.  B.  F.  Alexandee, 

Clerk  Superior  Courf,  Tattnall  County,  Ga. 
State  of  Geoegia,  County  of  Liberty,  ss. 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Liberty  county  on  the  26th 
day  of  April,  A.  D.  1889,  and  recorded  in  Book  "X"  Record 
of  Deeds  and  Mortgages,  pages  429  to  439  inclusive,  this 
26th  day  of  April,  A.  D.  1889.  J.  Sloeman  Ashmoee, 
Clerk  Superior  Court  Liberty  County,  Ga. 


19 


State  of  Georgia,  County  of  Bryan,  ss. 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Bryan  county  on  the  24th 
day  of  April,  1889,  and  recorded  in  Book  "Q"  Eecord  of 
Deeds  and  Mortgages,  pages  40  to  53  inclusive,  this  the 
24th  day  of  April,  1889. 

W.  B.  Smith,  Clerk  S.  C.  B.  C. 
Statr  of  Gp  qrgia,  County  of  Chatham,  ss. 

This  Mortgage  Deed  received  for  record  in  the  Clerk's 
Office  of  the  Superior  Court  of  Chatham  county  on  the 
25th  day  of  April,  1889,  and  recorded  in  Book  "Z"  Kecord 
of  Mortgages,  pages  267  to  279  inclusive,  this  the  25th  day 
of  April  1889.  James  K.  P.  Carr,  Clerk  S.  C.  C.  C.  Ga. 
Thr  State  of  Alabama,  Montgomery  County,  ss. 

I,  F.  C.  Kandolph,  Judge  of  Probate  in  and  for  said 
county,  hereby  certify,  that  the  within  conveyance  or  Deed 
of  Trust  was  filed  with  and  received  by  me  for  record  in 
my  office  as  such  Judge  of  Probate  on  the  9th  day  of  May, 
1889,  and  recorded  on  the  9th  day  of  May,  1889,  in  book 
96  of  Record  of  Mortgages,  pages  from  446  to  460  inclu- 
sive. F.  C.  Randolph,  Judge  of  Probate. 
The  State  of  Alabama,  Macon  County,  ss. 

I,  W.  H.  Hurt,  Judge  of  Probate  in  and  for  said  coun- 
ty, hereby  certify  that  the  within  conveyance  or  Deed  of 
Trust  was  filed  with  and  received  by  me  for  record  in  my 
office  as  such  Judge  of  Probate  on  the  13th  day  of  May, 
18S9,  and  recorded  on  the  13t:h  day  of  May,  1889,  in  book 
28  of  Record  of  Mortgages,  on  pagis  from  346  to  360  in- 
clusive. W.  H.  Hu3T,  Judge  of  Probate, 

The  State  of  Alabama,  Russell  Couiity,  ss. 

I,  E.  Herndon  Glenn,  Judge  of  Probate  in  and  for  said 
county,  hereby  certify  that  the  within  conveyance  or  Deed 
of  Trust  was  filed  with  and  received  by  me  for  record  in 
my  office  as  such  Judge  of  Probate  on  the  18th  day  of 
May,  1889,  and  recorded  on  the  20th  day  of  May,  1889,  in 
book  No.  23  of  Record  of  Mortgages,  on  pages  from  2  to 
12  inclusive.  E.  Herndon  Glenn, 

Judge  of  Probate. 


20 


We,  B.  P.  HoUis,  Attorney  at  Law,  residing  at  Ameri- 
cus,  Ga.,  and  John  D.  Roquemore,  Attorney  at  Law,  re- 
siding at  Montgomery,  Ala.,  do  hereby  certify  that  we  haye 
carefully  examined  a  certain  Mortgage  Deed,  dated  April 
1st,  1889,  and  executed  by  The  Savannah,  Americus  and 
Montgomery  Railway  to  the  Mercantile  Trust  and  Deposit 
Company  of  Baltimore,  Trustee,  and,  in  our  opinion,  said 
Mortgage  has  been  executed  and  recorded  in  conformity 
with  the  laws  of  the  States  of  Georgia  and  Alabama,  and 
said  Mortgage  is  valid  and  binding  for  the  purposes  there- 
in stated.  B.  P.  Hollis, 

John  D.  Roquemore, 

May,  23rd  1889. 


SUMMARY  AND  PROSPECTUS 

The  SaYannaU,  Americus  ^Montgomerij  R'y, 

FORMERLY 

Amerims,  Preston  &  Lumpkin  Railroad  Gompanj/. 


HISTORY  AND  FIN  i^NCIAL  SHOWING. 

Chartered  June,  1884,  to  build  from  Americus  to  Lump- 
kin, a  distance  of  thirty-eight  miles ;  road  opened  to  busi- 
ness Americus  to  Lumpkin  March,  '86  ;  road  extended  and 
opened  to  business  to  Louvale,  ten  miles  vv^est  of  Lumpkin 
April,  1887  ;  charter  amended  and  authority  granted  to  ex- 
tend road  to  Abbeville,  in  Wilcox  county,  October,  1886, 
and  work  commencedjthereon  November,  1886;  road  opened 
to  business  to  Abbeville,  sixty-one  miles  east  of  Americus, 
in  November,  1887  ;'  charter  amended  in  September,  1887, 
granting  authority  to  operate  boat  lines  in  connection  with 
road,  and  also  to  extend  to  Savannah ;  five  substantial 
boats  built  and  put  m  successful  operation  in  1888,  which 
connect  the  railroad  with  the  ports  of  both  Brunswick  and 
Savannah  ;  in  December,  1888,  charter  amended  by  act  of 
Legislature  of  Georgia,  changing  the  name  from  "The 
Americus,  Preston  and  Lumpkin  Kailroad  Company"  to 
"The  Savannah,  Americus  and  Montgomery  Railway"  and 
authorizmg  the  Directors  to  apply  to  the  Legislature  of 
Alabama  for  a  charter  to  extend  this  road  from  a  point  on 
the  Chattahoochee  Biver,  in  the  county  of  Russell,  to 
Montgomery,  which  charter  having  been  applied  for  was 
granted  by  the  Legislature  of  Alabama  in  February,  1889. 


22 


ECONOMY  IN  THE  ENTERPRISE. 

Purchases,  contracts  and  general  management  of  the 
enterprise  have  been  characterized  by  the  closest  economy. 
The  financial  condition  of  the  Company  has  been  well 
guarded  throughout. 

HOME  PEOPLE  AND  CAPITAL. 

It  is  a  matter  of  congratulation  that  the  road  thus  far 
has  been  built,  is  owned  and  successfully  managed  by 
home  people  and  home  capital. 

In  order  to  note  the  progress  which  has  been  made  by 
this  property,  it  is  proper  to  advise  that  the  entire  length 
was  originally  laid  in  thirty  pound  steel  rails,  three  feet 
gauge. 

The  following  extract  from  Poor's  Manual  of  Eail- 
roads,  page  1024,  shows  statement  of  ea  nings  submittediat 
the  annual  meeting  of  the  Stockholders,  held  at  Americus, 
Ga.,  June,  13th  1887,  when  only  38  miles  were  operated  : 

EARNINGS.  EXPENSKS 

Passenger  $  20,135  59   Transportation  $9,807.34 

Freight   21,801.76    Motive  Power   3,887.56 

Express   256  75    Maint.  Cars   1,860.77 

Mail   1,639.62    MaiutenanceWay  and 

Bridges    5,299.81 

Taxes,  Salaries,  etc.  .  3,369.85 


Total   $43,833.72    Total.   $  24,225.33 


Net  Earnings  $  19,608.39 

PAYMENTS. 

Fixed  charges  paid  $12,632.50 

Dividends  (6  per  cent)   5,699.36 


Total.....   $18,331.86 


Surplus   1,276.53 

EARNINGS  AND  OPERATINCt  EXPENSES  in  THE  YEAR  1888. 

Railroad  Earnings  $  100,540.94 

Fixed  Charges  and  Operating  Railroad   59,040.83 


Net  Earnings   $  41,500.11 


23 


By  reference  to  the  following  comparative  statement  of 
the  business  of  the  road  for  the  first  four  months  of  1888  with 
that  of  the  same  months  of  1889,  it  will  be  seen  that  we  have 
encouragement  to  widen  the  guage  of  our  road  and  lay  heavy 
steel  rails. 

EARNINGS,  1889.  EARNINGS,  1888. 

January  $  15,071.55    January  $  6,770.06 

February   17,214,60    February   6,450.38 

March   14,743.73    March   5,722.46 

April   15,134.88    April   6,121.60 

Total  earnings,  1889— $62,164.76. 

Total  earnings,  1888—  25,064.50. 

Increase  in  the  four  months  .  $37,100.26 

From  this  it  will  be  seen  that  the  increase  in  earnings 
in  the  given  time  has  amounted  to  more  than  one  hundred 
and  fifty  per  cent.,  mileage  in  operation  being  the  same. 

OUTLOOK. 

The  encouraging  outlook  for  this  property  has  recent- 
ly induced  its  management  to  widen  the  gauge  from  Ameri- 
cus  to  Abbeville,  a  distance  of  sixty-one  miles,  and  build 
twenty-five  miles  farther  east  to  McRae,  on  the  line  of  the 
E.  T.  V.  &  G.  road,  and  lay  same  in  sixty  pound  steel 
rails.  The  work  of  widening  the  gauge  west  from  Ameri- 
cus  some  fifty  miles,  is  progressing  favorably. 

SHORTEST  ALL  RAIL  LINE  TO  BRUNS  WICK  AND  SAVANNAH,  GA. 

The  connection  thus  secured  at  McRae  gives  to  our 
line  and  the  section  of  country  tributary  thereto  the  short- 
est all  rail  line  into  Brunswick.  It  also  affords  to  the 
same  line  and  section  the  shortest  all  rail  line  into  Savan- 
nah via  the  S.  F.  &  W.  road  from  Jesup. 

MACON  TRIBUTARY  TO  THIS  ROAD. 

The  Georgia  Southern  and  Florida  road  being  in  suc- 
cessful operation  from  Macon  to  Valdosta,  the  traffic  be- 
tween Macon,  Ga.,  and  the  sea  ports  of  the  State  become 
tributary,  by  the  way  of  Oordele  and  McRae,  to  the  line  of 
this  road. 


24 


ATHENS  TRIBUTARY  TO  THIS  ROAD. 

The  Covington  and  Macon  road  is  in  successful  opera- 
tion from  Macon  to  Athens,  and  being  an  independent  line 
will  likely  adopt  the  G.  S.  &  F.  E.  E.  from  Macon  to  Cor- 
dele,  and  the  S.  A.  M.  as  an  outlet  to  deep  water,  by  which 
arrangement  both  lines  will  be  materially  benefited. 

RAILROADS  BACKING. 

Friends  of  this  road,  realizing  that  its  geographical 
position  and  its  commercial  advantages  are  strong,  and 
that  it  has  a  fine  future,  have  combined  and  formed  The 
Americus  Investment  Company,  with  a  paid  up  capital  of 
$500,000.00  which  has  secured  by  purchase  nearly  all  the 
stock  of  the  Eailroad  Company.  It  is  proposed  on  the  part 
of  The  Americus  Investment  Company  to  extend  this^road 
rapidly  east  to  Savannah,  and  west  to  Montgomery,  Ala. 
To  accomplish  this,  it  will  be  necessary  to  build  one  hun- 
dred and  ten  miles  from  McEae  to  Savannah,  and  one  hun- 
dred miles  from  Louvale,  the  present  Western  terminus, 
into  Montgomery. 

The  officers  of  The  Americus  Investment  Company  are  ; 
H.  C.  Bagley,  Piesident,  Americus,  Ga. 
W.  E.  Hawkins,  Secretary  and  Treasurer,  Americus,  Ga. 

While  the  following  gentlemen  are  Directors  ; 
H.  C.  Bagley,  Americus,  Ga, 

J.  W.  Sheffield,  of  the  firm  of  J.  W.  Sheffield  &  Co.,  Whole- 
sale Hardware,  Americus,  Ga. 

P.  .C  Clegg,  of  the  firm  of  P.  C.  Clegg  &  Co.,  Wholesale 
Grocers,  Americus,  Ga. 

W.  M.  Hawkes,  President  Americus  Gas  Company,  xlmeri- 
cus,  Ga. 

W .  E.  Murphey,  Cashier  Bank  of  Americus,  Americus,  Ga. 
S.  Montgomery,  President  Peoples  National  Bank,  Ameri- 
cus, Ga, 

G.  M.  Byne,  Capitalist,  Leesburg,  Ga. 

B.  F.  Matthews,  Capitalist;,  Auburn,  Ala. 

W.  S.  Gillis,  Merchant,  Lumpkin,  Ga. 

S.  W.  Coney  of  P.  C.  Clegg  &  Co.,  Coney,  Ga. 

This  Company  will  not  fail  to  develop  the  resources  of 
the  railroad  to  their  full  extent. 


25 


SOME  OF  THE  GEOGRAPHICAL  AND  COMMERCIAL  ALVANTAGES 
OF  THE  S.  A.  M.  &  RAILWAY  RECOUNTED. 

The  eastern  end  of  this  road,  for  half  its  length,  tra- 
verses the  finest  forest  of  yellow  pine  timber  to  be  found 
in  the  country.  The  timber  and  naval  store  traffic,  which 
these  forests  furnish,  will,  from  the  start,  tax  the  road  to 
its  utmost  capacity  and  continue  for  fifty  years. 

Even  at  present  there  are  thirty  saw  mills  between 
Americus  and  Abbeville,  a  distance  of  sixty  one  miles,  saw- 
ing" on  an  average  of  fifteen  thousand  feet  of  lumber  per 
day,  or  three  car  loads  to  the  mill,  making  a  total  of  ninety 
cars  of  freight  per  day,  or  twenty-eight  thousand  one  hun  - 
dred and  seventy  cars  per  year.  At  an  average  of  eight 
dollars  per  car,  would  make  our  earnings  from  lumber 
alone  $22r),360,  and  yet  these  industries,  even  on  this  part 
of  the  road,  are  only  partially  inaugurated  and  developed. 
In  addition  to  this,  a  large  number  of  employes  and  stock 
employed  in  the  manufacturing,  handling  and  hauling  of 
lumber  and  naval  stores  on  the  line  of  the  road  must,  of 
necessity,  draw  all  their  supplies  from  a  distance,  as  the 
country  is  almost  an  unbroken  forest,  but  little  of  it  has 
been  reduced  to  cultivation. 

The  western  end  of  the  road,  for  half  its  entire  length, 
passes  through  and  draws  from  the  finest  agricultural 
portion  of  the  States  of  Georgia  and  Alabama.  The  inex- 
haustible coal  and  iron  fields  of  Alabama,  which  are  situa- 
ted near  Montgomery,  will  prove  to  be  exhaustless  sources 
of  revenue  by  freighting  these  commodities  to  Brunswick, 
Savannah  and  other  south  Atlantic  ports. 

It  is  possible  for  a  road  to  be  far  more  valuable  pros- 
pectively by  reason  of  its  location  than  its  earnings,  when 
first  started  or  its  actual  cost  might  seem  to  justify.  It  is 
believed  this  road  is  thus  favored  in  a  high  degree.  By 
reference  to  the  map  of  the  country  it  will  be  seen  that 
the  shortest  line  between  the  Atlantic  and  Pacific  oceans 
is  near  the  32d  parallel,  the  line  of  this  road,  and  that  di- 
rect lines  of  railroads  are  completed  and  being  operated 
between  the  Pacific  Ocean  and  Montgomery,  Ala.  Now 
the  completion  of  the  east  end  of  our  road  to  Savannah 


26 


and  the  west  end  to  Montgomery  fills  the  entire  g-ap  and 
forms  with  other  roads  a  continuous  line  of  railroad  be- 
tween Savannah,  Ga.,  and  San  Diego,  California,  forming 
the  shortest  trans-continental  line  to  be  found,  and  one 
entirely  free  from  interruption  by  snow  or  extreme  cold. 
The  completion  of  these  gaps  will  bring  Montgomery  and 
Eufaula,  Ala.,  Columbus  and  Americus,  Ga,,  and  all  points 
west  of  these  seventy-five  to  a  hundred  miles  nearer  Sa-  , 
yannah  and  Brunswick,  Ga.,  by  this  line  than  by  any  other 
existing"  line. 

Hitherto  the  great  bulk  of  western  shipments  for  the 
east  have  found  their  way  via  Galveston  or  New  Orleans, 
through  the  Gulf  of  Mexico,  around  the  Cape  of  Florida; 
but  such  is  the  demand  for  quick  transportation,  that  this 
line  is  rapidly  being  superseded  by  rail  transportation  di- 
rect to  an  Atlantic  port,  where  the  shipment  may  thence 
be  made  so  much  more  rapidly,  and  yet  quite  as  cheap 
from  there  to  Eastern  points. 

THERE  ARE  MANY  IMPORTANT  FEEDERS  TO  THE  S.  A.  M.  RAIL- 
WAY, 

The  Oconee  Eiyer,  which  is  a  navigable  stream,  will 
furnish  an  immense  amount  of  business,  as  there  are  large 
turpentine  farms  and  saw  mills,  the  products  of  which  will 
be  brought  to  our  road  from  up  and  down  the  river,  it  be- 
ing the  quickest  route  from  these  points  to  the  coast. 

The  E.  T.  y.  &  G.  E.  R.,  which  we  cross  at  McRae  at 
right  angles,  will  give  us  an  immense  amount  of  business 
seeking  the  interior  from  the  port  of  Brunswick. 

The  Ocmulgee  River,  which  we  cross  at  Abbeville,  Ga., 
will  also  furnish  a  large  amount  of  business  for  the  road,  ^ 
as  we  will  be  able  to  furnish  the  products  from  points  on 
this  river  quicker  transportation  than  any  other  line. 

The  Atlanta  and  Florida  road  will  soon  be  connected 
with  the  S.  A.  M.  Railway  at  Cordele,  thus  throwing  an 
immense  volume  of  business  from  Atlanta,  the  capital  of 
and  largest  city  in  the  State  of  Georgia,  to  this  line  and 
over  it  to  Georgia  ports  by  as  short  route  as  any  existing. 

The  Georgia  Southern  and  Florida  Railroad,  already 
completed  from  Macon  to  Valdosta,  Ga.,  is  another  impor- 
tant feeder. 


By  these  two  last  roads  the  immense  volume  of  busi-  . 
ness  from  both  Atlanta  and  Macon  will  be  thrown  over  the 
line  of  the  S.  A.  M.  for  half  its  length  from  Cordele  to  Sa- 
vannah, Ga.,  and  in  return,  the  immense  traffic  passing 
through  the  sea  ports  of  Savannah  and  Brunswick  will  pass 
over  the  line  of  this  road. 

The  Southwestern  Railroad  at  Americus,  crossing  the 
S.  A.  M.  Railway  nearly  at  right  angles,  will  prove  another 
important  feeder  thereto. 

The  Savannah  and  Western  road,  from  Americus  by 
the  way  of  Columbus  to  Birmingham,  Ala.,  will  prove 
another  important  feeder  to  this  line. 

The  Columbus  Southern  road,  from  Columbus  to  Alba- 
ny, Ga.,  is  being  built.  This  will  give  the  S.  A.  M.  im- 
portant business  at  Richland.  This  connection  giving  the 
city  of  Columbus  direct  connection  over  our  road  with 
Atlantic  coast  points,  it  bein^f  the  shortest. 

The  Chattahoochee  River  will  also  add  much  to  the 
traffic  of  our  line,  it  being  a  navigable  stream  and  having 
a  legular  schedule  of  boats  in  operation. 

The  Mobile  and  Girard  road  will  also  prove  an  im- 
portant feeder  to  the  S.  A.  M.  It  being  so  much  shorter 
than  any  other  line  from  that  section  to  Savannah,  we 
will  be  enabled  to  secure  shipments  from  points  on  that 
road  into  Savannah  and  Brunswick. 

ROAD  FIRST  QUALITY  IN  EVERY  RESPECT. 

The  road  constructed  and  being  constructed  is  laid 
with  first  quality  sixty  pound  steel  rails.  The  ties,  trestles, 
culverts,  bridges,  water  tanks,  section  houses,  stations  and 
warehouses  are  first  class  and  well  adapted  for  the  use  of 
a  first  class  standard  gaug-e  road. 

ROLLING  STOCK. 

The  Company  has  9  locomotives,  9  coaches,  3  combi- 
nation cars,  2  cabooses,  170  flat  and  160  box  cars. 

THIS  RAILWAY  A  DEVELOPER. 

Of  the  fifteen  counties  touched  by  this  Railway  be- 
tween Montgomery  and  Savannah,  this  road  passes  cen- 


28 


.trally  through  six  which  are  untouched  by  other  railroads. 
There  is  scarcely  a  road  being  constructed  in  the  South 
that  prospectively  has  as  many  advantages  for  doing  as  im- 
mense business,  both  in  freight  and  passenger  traffic,  as 
this  line.  At  Montgomery  it  connects  with  all  the  impor- 
tant lines  traversing  the  coal  and  mineral  sections  of  Ala- 
bama and  the  fertile  fields  of  the  great  west.  Our  line  be- 
ing one  hundred  miles  shorter  between  Montgomery  and 
Savannah,  it  thus  gives  it  a  decided  advantage  over  any 
other  line  competing  for  this  business. 

REVENUE  FROM  LUMBER  AND  NAVAIi  STORES. 

For  a  distance  of  one  hundred  and  seventy -five  miles 
out  from  Savannah  on  the  S.  A.  M.  Railway  tae  forest  of 
yellow  pine  is  unbroken,  except  on  the  line  of  the  E.  T. 
Va.  &  Ga.  R.  E.,  which  crosses  at  right  angles. 

If  we  estimate  that  the  timber  on  either  side  for  a 
distance  of  fifteen  miles  is  tributary,  which  is  reasonable, 
as  it  is  often  hauled  a  much  greater  distance  on  tram- 
ways, we  find  that  more  than  5,000  square  miles  of  timber 
becomes  traffic  to  this  road.  Think  of  it,  this  timber  belt 
is  more  than  one-tenth  tLe  size  of  England,  half  the  size 
of  Belgium,  four  times  the  size  of  the  State  of  Rhode 
Island  and  larger  than  the  State  of  Connecticut.  Estimat- 
ing that  this  belt  of  timber  would  yield  5,000  feet  to  the 
acre,  which  is  not  unreasonable,  the  hauling  of  it  at  $10.00 
per  carload,  being  itself  a  low  average,  woald  amount  to 
$50,000,000,  or  $1,000,000  per  year,  if  fifty  years  were  re- 
quired to  exhaust  it.  The  revenue  from  the  traffic  arising 
from  the  naval  stores  from  chis  timber  in  the  meantime 
would  be  immense  ;  but  let  that  all  come  into  the  timber 
estimate  for  good  measure.  It  should  not  escape  attention 
that  the  labor  of  man  and  beast  in  the  manufacture  of 
naval  stores  and  trees  into  lumber  is  enormous  and  these 
laborers  and  beasts  of  burden  must  in  the  time  be  pro- 
vided for.  In  the  first  place,  the  laborers  and  their  fami- 
lies, the  stock  and  machinery  used  in  the  manufacture  of 
naval  stores  ai^d  lumber  must  all  be  freighted  over  the 
road  to  proper  destinations.    While  the  process  of  felling 


the  timber  and  clearing' these  forests  is  in  progress,  scarcely 
anything  will  be  grown  for  man  or  beast,  and  hence  every- 
thing will  have  to  be  shipped,  which,  at  a  moderate  e  ti- 
timate,  would  amount  in  revenue  to  the  road  annually  from 
$100,000  to  $200,000. 

PROSPECTIVE  POPULATION. 

Nearly  all  this  country  is  high  and  rolling,  free  of 
swamps  and  malaria,  healthy  as  any  part  of  Europe.  Much 
of  this  belt  being  fine  productive  land  and  all  of  it  fairly 
productive,  not  many  years  will  elapse  until  the  tide  of 
honest  emigrants  from  Europe  will  set  hitherward,  and 
then  it  will  be  demonstrated  that  this  belt,  half  the  size  of 
Belgium,  can  at  least  support  one  million,  while  Belgium 
supports  five  or  six  million  people. 

ENTIRE  LOCAL  TERRITORY  OF  THIS  COMPANY. 

The  local  territory  tributary  to  the  entire  length  of 
this  road  between  Savannah  and  Montgomery  is  three 
hundred  and  fifty  miles  long  by  thirty  miles  wide,  10,500 
square  miles,  and  is  equal  in  size  to  Belgium,  larger  than 
either  the  States  of  Massachusetts,  New  Hampshire,  New 
Jersey  or  Vermont  and  about  three  times  the  size  of  the 
State  of  Delaware. 

THIS  PROPKRTY   FAIRi.Y  ESTIMATED. 

Some  ten  years  since,  the  Montgomery  and  Eufaula 
Railroad,  which  passes  through  a  country  in  xllabama  sim- 
ilar to  that  traversed  by  this  road,  was  sold  at  public  sale 
at  a  price  above  $25,000  per  mile,  and  yet  the  road  at  the 
time  was  in  bad  condition  and  almost  without  terminal  fa- 
cilities. The  S.  A.  M.  Railway,  so  far  as  it  has  been  fin- 
ished, is  far  superior  in  every  respect  to  the  M.  &  E.  when 
sold,  and  as  it  affords  a  shorter  line  by  75  to  100  miles  be- 
tween Montgomery  and  the  ports  of  Savannah  and  Bruns- 
wick, one  could  hardly  see  wherein  it  would  be  less  val- 
uable 

Extract  fi'om  the  Census  of  the  United  States  for  the 


year  1880,  showing  the  population  and  aogregate  value  of 
farm  products  in  the  Counties  touched  by  the  8.  A.  &  M. 
Railway : 


Aggregate  valua- 

COUNTY. 

POPULATION. 

tiion   of  farm 

products. 

4,929 

194,905 

45,023 

753,431 

0,000 

ICO  7r;r; 

12,420 

807,163 

10,449 

225,019 

5,381 

261,579 

St6wa,rt  Gsi. 

13,998 

898,496 

Sumter,  Ga  

18^239 

963^841 

Tattnall,  Ga.  .  

6,988 

223,342 

Telfair,  Ga.  

4,828 

117,701 

Webster,  Ga.  

5,237 

337,069 

3,109 

156,736 

Montgomery,  Ala  

52,35« 

2,392,568 

24,837  • 

1,249,437 

17,371 

926,211 

Barbour,  Ala  

33,979 

1,877,936 

Muscojjee,  Ga.  

19,322 

241,550 

Total  

283,824 

11,809,739 

Increase  since  '80,  25  per  c't 

70,956 

2,952,434 

Total  

354,780 

14,762,173 

Nearly  ten  j^ears  have  elapsed  since  this  statistic  w  as 
taken,  hence  an  estimated  increase  of  twenty-five  per  cent, 
is  added  to  both  population  and  value  of  farm  products. 

The  Counties  of  Barbour,  in  the  State  of  Alabama, 'and 
Muscogee,  in  the  State  of  Georgia,  are  included  in  above 
statistic  because  our  line,  crossing  Chattahoochee  River, 
which  is  navigable,  brings  the  flourishing  town  of  Eufaula, 
in  the  County  of  Barbour,  and  the  prosperous  City  of 
Columbus,  in  the  County  of  Muscogee,  in  direct  communi- 
cation with  our  line. 


REVENUE  OF    ROAD    ESTIMATED  ON 
BASIS  OF  COTTON  TRAFFIC. 


Savannah  is  the  largest  oort  of  the  south  Atlantic  coast, 
the  second  cotton  port  of  America  and  the  largest  naval 
store  port  in  the  world. 

Savannah  received  in  the  season  of  1887-8,  as  shown 
by  the  Savannah  Cotton  Exchange,  892,888  bales  of  cotton 
and  it  is  claimed  that  the  receipts  would  amount  to  1,000,- 
000  bales  during  the  season  of  1888-9. 

Montgomery,  Ala.  receives  each  season  about  100,000  bales. 


Eufaula,  Ala. 
Columbus,  Ga 
Americus,  Ga. 
Macon,  Ga. 
Athens,  Ga. 
Atlanta,  Ga. 


70,000 
80,000 
60,000 
180,000 
110,000 
120,000 


And  these  all  being  points  touched  by  the  S.  A.  M. 
Railway  and  its  connections,  and  there  being  only  two 
other  roads  which  carry  cotton  into  Savannah,  is  it  not 
within  the  range  of  reason  to  claim  that  the  S.  A.  M.  Rail- 
way would  have  as  much  as  2.50,000  bales  of  the  million  re- 
ceived by  Savannah,  which,  at  the  moderate  charge  of 
$2.00  per  bale,  would  amount  to  $500,000  per  annum  ? 


■32 


Value  in  dollars  of  exports  and  iuiports,  doniesstic  and 
foreign,  received  at  port  of  Savannah  in  1887  : 

EXPORTS  FOil  YEAE  ENDING  AUGUST  31ST. 


Cotton  $39,378,480 

Naval  stores   3,296,788 

Lumber  and  timber   1,091,318 

Rice    271,142 

Pig  iron   653,940 

Hides  and  wool   174,647 

Fruit  and  vegetables   1,723,723 

Yarns  and  domestics   1,649,000 

Miscellaneous   6,522,044 


Total  $  54,764,082 

IMPORTS, 

Fertilizers    $  2,460,752 

Coal  \   354,740 

Hay  and  grain   350,635 

Salts   215,325 

Coffee   487,319 

Miscellaneous   48,790,462 


Total..  %  52,659,233 


Grand  total  exports  and  imports  $107,423,315 


']i  Coi^dei^secl  l^istory  of  tl^e  Birst  Stean^er,  arid  ^er 
Birst  Trip  5?Gross  the  '^tlai^tic  Oceai]. 


To  Savannah  belongs  the  credit  of  building  and  oper- 
ating the  first  steam  vessel  that  ever  crossed  the  Atlantic 
Ocean.  This  fact  may  not  be  generally  known  to  the  pub- 
lic, but  the  authorities  on  the  subject  are  undoubted,  and 
will  be  herein  referred  to,  for  the  grandeur  of  the  propor- 
tions that  has  been  reached  in  steam  navigation,  had  its 
birth  in  Savannah,  Georgia,  sixty-six  years  ago,  and  it  is 
due  the  enterprising  forest  city  that  she  should  have  full 
credit  for  leading  her  sister  cities  in  an  enterprise  whicli 
now  challenges  the  admiration  of  the  world. 

In  the  year  1818,  Messrs.  Dunninsr,  Scarborough, 
Sturg3S,  Burroughs,  Henry,  McKenna,  and  others,  leading 
merchants  of  the  city  of  Savannah,  at  the  suggestion  of 
Capt.  Moses  Rogers,  had  constructed  a  steamer  for  plying 
between  Savannah  and  Liverpool.  These  men  have  all 
passed  away,  but  they  constructed  a  monument  that  lives 
after  them,  and  which  will  endure  forever.  The  vessel  or- 
dered to  be  constructed  was  of  300  ton  burthen,  full -rigged 
clipper  ship.  She  was  fitted  with  proper  engines,  her 
wheels  were  made  of  wrought  iron,  uncovered  and  were 
constructed  on  a  novel  principle,  which  enabled  the  ship's 
crew  to  fold  the  wheels  over  on  the  deck.  This  was  done 
by  means  of  a  derrick,  the  shaft  being  hinged.  This  cir- 
cumstance shows  the  doubt  that  was  felt  on  the  minds  of 
the  projectors  of  the  enterprise  as  to  its  ultimate  utility. 

The  vessel  completed  was  very  properly  named  the 


Savannah  and  was  advertised  to  sail  from  the  port  of  Sa- 
vannah for  Liverpool  direct,  on  May  20th,  1819. 

Promptly  on  the  date  advertised,  the  vessel  steamed 
down  the  Savannah  amid  the  cheers  and  God-speed  of  the 
admiring  throngs  gathered  along  the  wharves  to  witness 
her  departure. 

As  an  evidence  of  the  crude  state  of  things  during 
those  early  days,  pitch  pine  was  used  as  fuel,  coal  not  hav- 
ing come  into  use  on  steamers.  In  consequence  of  having 
to  economize  in  fuel,  the  engines  of  the  Savannah  were 
used  only  eighteen  days  going  over  and  nineteen  days 
while  returning. 

Upon  nearing  Liverpool  the  paddles  were  put  in  oper- 
ation, and  with  all  sails  set,  and  her  wheels  olying  to  their 
utmost,  she  proudly  passed  up  the  Mersey  amid  the  plaud- 
its of  the  astonished  throngs  of  Britons. 

The  Savannah  remained  at  Liverpool  about  one  month 
and  was  visited  by  thousands  of  the  curious,  after  which 
she  sailed  for  St.  Pettrsburgh,  where  Capt.  Rogers  and 
his  novel  craft  were  received  with  every  mark  of  admira 
tion  and  respect,  ilfter  remaining  several  weeks  in  the 
Russian  port,  the  course  of  the  ship  was  once  more  direct- 
ed homeward,  and  on  the  20th  of  November,  1819,  after  a 
passage  of  fifty-three  days,  she  steamed  safely  into  the 
port  whose  name  she  bore,  "with  neither  a  crew,  nor  bolt> 
nor  rope  yarn  parted,"  though  she  passed  through  a  heavy 
gale  in  the  North  Sea. 

The  foregoing  sketch  is  compiled  from 

A  CHRONOLOGICAL  HISTORY 

OF  THE 

ORIGIN  AND  DEVELOPMENT 

OF 

STEAM  NAVIGATION, 

BY 

GEORGE  HENRY  PREBLE, 
Rear  Admiral  U.  S.  N. 


STOCKS  AND  BONDS  OF  GEORGIA  ROADS 
A  GOOD  INVESTMENT. 


The  Stocks  and  Bonds  of  the  older  roads  of  Georgia 
are,  without  exception,  good  investments.  In  proof  there- 
of we  submit  the  following  table,  compiled  from  the  market 
reports  of  this  date  : 

MARKET  REPORT  GEORGIA  RAILWAY  STOCKS   AND  BONDS,  JUNE 


1st,  l?i89 — STOCKS. 

Georgia  Railroad  and  Banking  Co  $197^ 

Southwestern  Railway   128 

Central  Railway   120 

Augusta  and  Savannah  Railway   135 

Atlanta  and  West  Point  Railway   .  106 

BONDS. 

Ga.  Railroad  and  Banking.Co.  6s,  1910  $113 

Ga.  Railroad  and  Banking  Co.  6s,  1922   116 

Central  Railway   109 

Central  Railway  Debentures   100 

Atlanta  and  West  Point  Railway  Debentures   103 

Americus,  Preston  and  Lumpkin  First  Mortgage,  7  .  110 


These  Railways  have  been  ^rood  divideijd  paying  in- 
vestments fi'om  tlje  day  of  their  completion  to  the  present 
time. 

They  have  never  defaulted  on  their  interest  account. 
They  have  paid  dividends  ranging  from  six  to  ten  per 
cent.,  with  the  regularity  of  the  seasons. 


36 

They  have,  from  time  to  time,  increased  or  watered 
their  common  stock  from  25  to  100  per  cent.,  and  still  they 
pay  their  usual  dividends. 

While  doing  this  they  have  steadily  reduced  their 
bonded  indebtedness  until  it  is  so  small  that  the  net  earn- 
ings of  a  single  year  would  extinguish  it. 

There  are  no  securities  in  the  markets  of  greater  in- 
trinsic value. 

The  false  impressions  that  have  been  made  by  design- 
ing parties  upon  the  minds  of  our  people  that  subscriptions 
to  railway  stocks  are  a  donation  on  the  part  of  the  sub- 
scribers, and  that  their  stocks  and  bonds  are  worthless,  or 
at  the  best  an  unprofitable  investment,  has  worked  us  much 
harm  in  prejudicing  the  minds  of  our  citizens  against  rail- 
way investments ;  greatly  retarding  the  extension  of  our 
railway  system,  and  the  development  of  our  State. 

No  legitimate  railway  enterprise,  with  a  fair  financial 
backing,  economically  constructed,  and  intelligently  man- 
aged, has  ever  failed  in  Georgia  On  the  other  hand  all 
that  have  been  projected  upon  a  sound  basis,  have  been 
uniformly  successful. 

The  average  capitalized,  account  of  the  dividend  pay- 
ing roads  in  Georgia,  ranges  from  $35,000  to  $55,000  per 
mile,  while  that  of  the  S.  A.  M.  Eailway  will  not  exceed 
$14,000  per  mile. 

S.  H.  HAWKINS. 
Americus,  Ga.,  June  1st,  1889. 


